{"id":2864,"date":"2023-12-07T05:13:25","date_gmt":"2023-12-07T05:13:25","guid":{"rendered":"https:\/\/economicherald.net\/?p=2864"},"modified":"2023-12-07T05:13:25","modified_gmt":"2023-12-07T05:13:25","slug":"asx-large-caps-oil-stocks-drag-down-asx-chemist-warehouse-set-for-8bn-asx-listing-via-sigma-deal","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=2864","title":{"rendered":"ASX Large Caps: Oil stocks drag down ASX, Chemist Warehouse set for $8bn ASX listing via Sigma deal"},"content":{"rendered":"

ASX down on Thursday, mainly on the back of plunging oil stocks
\nEnergy related stocks down, lithium stocks higher
\nChemist Warehouse to list on the ASX in a reverse takeover deal with Sigma Healthcare<\/p>\n

\u00a0<\/p>\n

Local shares shed -0.3% on Thursday, weighed down by the Energy sector<\/strong> after a plunge in crude prices overnight.<\/p>\n

Oil prices fell by over -4% to a five-month low, with WTI crude trading below US$70 at US$69.24 a barrel.<\/p>\n

Oil prices have been looking bearish since Moody\u2019s downgraded its outlook for China<\/strong>\u2019s government credit to negative from stable earlier this week.<\/p>\n

Lithium stocks<\/strong> meanwhile rallied as China\u2019s two biggest lithium producers, Tianqi Lithium<\/strong> and Ganfeng Lithium<\/strong>, closed up 6.5% and 7% respectively in Hong Kong yesterday.<\/p>\n

Both stocks have extended their gains today, in a signal the market might be starting to get bullish again on lithium prices.<\/p>\n

Iron ore miners<\/strong> also did well today, with giants Fortescue (ASX:FMG)<\/a> <\/strong>and Rio Tinto (ASX:RIO)<\/a><\/strong> up around 1% each as iron ore futures in Singapore held last night\u2019s price of above $US130 per tonne.<\/p>\n

Meanwhile, Bloomberg reports that Elon Musk\u2019s Space X<\/strong> has started discussions about selling insiders\u2019 shares at a valuation of around US$175 billion. According to Bloomberg estimates, SpaceX is on track to book revenues of about US$9 billion this year across its rocket launch and Starlink businesses.<\/p>\n

Across the region, stocks in Asia mainly dropped on concerns that lower oil prices might point to China\u2019s economic health.<\/p>\n

There are renewed worries about China\u2019s debt burden after Moody\u2019s Investors Service downgrade.<\/p>\n

\u00a0<\/p>\n

BIG CAP WINNERS<\/h2>\n

Swipe or scroll to reveal the full table. Click headings to sort.<\/em><\/p>\n

<\/div>\n
Code Name Price % Change Volume Market Cap PPT Perpetual 25.51 7.37 1,082,985 $2,692,828,813 PLS Pilbara Min Ltd 3.57 4.69 31,491,367 $10,262,285,692 SQ2 Block 103.54 4.11 155,720 $3,359,611,646 MFG Magellan Fin Grp Ltd 8.14 3.96 926,518 $1,417,500,143 GQG GQG Partners 1.53 3.39 672,571 $4,355,388,015 CNI Centuria Capital 1.60 3.23 921,080 $1,247,862,730 PNI Pinnacle Investment 9.50 2.70 466,390 $1,877,089,966 AKE Allkem 8.78 2.69 4,444,001 $5,466,197,055 AGL AGL Energy . 9.35 2.63 2,101,476 $6,128,727,293 ASK Abacus Storage King 1.18 2.62 2,568,926 $1,504,647,891 LFG Liberty Fin Group 3.95 2.33 9,341 $1,172,682,950 AWC Alumina 0.80 2.24 14,622,731 $2,263,311,505 MIN Mineral Resources. 60.97 2.08 757,280 $11,656,533,480 <\/div>\n

WordPress Tables Plugin<\/a><\/p>\n

\u00a0<\/p>\n

Sigma Healthcare (ASX:SIG)<\/a><\/strong> will likely surge by almost 20% when the shares come out of trading halt.<\/p>\n

A report by AFR yesterday suggested that Chemist Warehouse (CW)<\/strong> will be heading to the ASX in a reverse takeover deal with the Sigma. Sigma\u2019s market cap sits at $785m while CW is reportedly valued at around $8bn.<\/p>\n

Under a reverse takeover, a private company can bypass the lengthy and complex process of going public by being bought out by a smaller company in an asset swap and share issuance deal.<\/p>\n

Perpetual\u00a0 (ASX:PPT)<\/a><\/strong> rose 7.5% after the financial house rejected a $1.3 billion takeover offer from diversified conglomerate, Washington H. Soul Pattinson (ASX:SOL)<\/a><\/strong>. SOL\u2019s price fell almost -3%.<\/p>\n

GQG Partners\u00a0(ASX:GQG)<\/a><\/strong> was up 1.5% after reporting that its funds under management (FUM) had increased from $103.9 billion in October to $112.6 billion in November.<\/p>\n

Shares in Afterpay<\/strong> owner Block Inc (ASX:SQ2<\/a><\/strong>) rallied 3.5% after founder and CEO Jack Dorsey<\/strong> signalled that job cuts at the music streamer Tidal (which is owned by Block), are just the beginning of a planned reduction in Block Inc\u2019s overall workforce.<\/p>\n

\u00a0<\/p>\n

BIG CAP LOSERS<\/h2>\n

Swipe or scroll to reveal the full table. Click headings to sort.<\/em><\/p>\n

<\/div>\n
Code Name Price % Change Volume Market Cap BOE Boss Energy Ltd 3.84 -7.47 4,788,984 $1,464,674,291 PDN Paladin Energy Ltd 0.94 -5.75 19,638,966 $2,983,375,533 SGR The Star Ent Grp 0.54 -4.46 9,069,433 $1,606,461,291 NHF NIB Holdings 7.70 -3.63 753,331 $3,869,371,272 MMS McMillan Shakespeare 16.91 -3.59 203,592 $1,221,538,641 AUB AUB Group Ltd 27.13 -3.55 250,691 $3,049,450,091 KAR Karoon Energy Ltd 1.92 -3.52 7,336,866 $1,503,061,459 HMC HMC Capital 5.50 -3.51 1,037,985 $1,986,853,013 DEG De Grey Mining 1.34 -3.25 2,318,241 $2,563,928,777 QBE QBE Insurance Group 14.58 -3.22 2,948,780 $22,498,364,569 CTD Corp Travel 18.20 -3.04 270,725 $2,746,534,252 SIQ Smartgrp Corporation 8.44 -2.99 667,457 $1,155,679,020 SOL Soul Pattinson (W.H) 32.94 -2.89 410,397 $12,244,029,913 CTT Cettire 3.05 -2.87 1,418,332 $1,197,088,011 PRN Perenti 1.10 -2.86 998,631 $1,089,643,248 <\/div>\n

WordPress Tables Plugin<\/a><\/p>\n

Boss Energy (ASX:BOE)<\/a><\/strong> was down -6% after announcing that it has successfully completed its book build to raise $205 million through a single tranche placement of newly issued shares.<\/p>\n

Boss said the offer received strong demand from both existing shareholders as well as a number of new domestic and global institutional investors.<\/p>\n

\u201cIt is a very exciting time for Boss Energy as it moves to become a multi-mine In-Situ Recovery (ISR) uranium producer by 1H 2024,\u201d said Boss Energy\u2019s boss, Duncan Craib.<\/strong><\/p>\n

\u201cThe proceeds will be used to drive Boss Energy\u2019s multi-pronged growth strategy, with significant exploration spend and work towards expanding production capacity at Honeymoon.\u201d<\/p>\n

<\/span><\/p>\n

The post ASX Large Caps: Oil stocks drag down ASX, Chemist Warehouse set for $8bn ASX listing via Sigma deal<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

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